OMG ! what did i do at auction.com?

10 Replies

Saw a house that starts bidding tomorow, and placed a $20,000 bid. 

I didn't  know what a "proxy "bid is, and now I think I read that auction .com will 

do incremental bids for me at 20,000 a shot. Is my understanding of proxing bids right? 

I do not want to pay more than $20,000 for the house. 

Will I lose my 2,500 deposit iI refuse 

to pay? is there a way to place my  highest bid, which is 20,000? 

THANKS!

No, if you bid $20k, that's what you bid.

Wow, I don't use that website but there needs to be a red alert emergency notice placed on this thread for those that do to come in a hurry. Sorry about the ordeal and I hope you can get it squared away in time. 

Kudos,

Mary

@Marci Stein - Your bid will not go higher than the max bid that you set. Yes, you will get your $$$ back if you do not win the bid.

so what does $20,000 PROXY BIDDING mean??

I read that it gives Auction.com permission to do  incremental bidding for me .

Would you please clarify between proxy  and just plain bidding.

YES---HOW DO I SET A MAXIMUM BID? 

THAT'S WHAT I NEED TO DO TO SLEEP TONIGHT! 

@Wendell De Guzman 

it may not help, but I would play around the website, surely there is a spot where you can edit your bid....I was in the same spot but with hubzu and I was able to make adjustments to my proxy bid

A proxy bid i know from dealing with Auto sales online auction. It will increase your bid in increments UP to your maximum bid, so if it raises in say increments of 2k and the highest bid is 10k your proxy bid would be 12k

So if i put 20,000 as my proxy bid , is that the SAME as my highest bid?

Originally posted by @Marci Stein :

So if i put 20,000 as my proxy bid , is that the SAME as my highest bid?

 Yes..

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here